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Free Tool · Lending

Is your condo approved by Fannie Mae? Check your building.

A lender can only sell a condo loan to Fannie Mae if the building passes Fannie Mae's project rules. This checker walks through the rules that stop most buildings. It covers Unavailable status, insurance, critical repairs, lawsuits, late dues, and the reserve test that changed on August 3, 2026. It takes about two minutes.

Built by civil engineers at REcollab. Rules last verified against Fannie Mae sources on October 20, 2026.

Question 1

Is the building a condo or a co-op?

Fannie Mae has separate rules for each.

How the check works

The checker asks these questions in order. Each one can end the check early. A building that gets through all of them passes the parts of Fannie Mae's Full Review that cause most denials.

  1. Is it a condo or a co-op?

    Co-ops follow separate rules with no percentage test.

  2. Has Fannie Mae marked the building Unavailable?

    If yes, the building is not eligible.

  3. Is the insurance deductible within the limit?

    At most 5% of the master policy coverage amount.

  4. Is the unit detached, or the project 10 units or fewer?

    If yes, and it is not in a master association, the lender can waive the project review.

  5. Are critical repairs unfinished?

    If yes, the building is not eligible until the work is done.

  6. Is the association in a pending lawsuit?

    If yes, and it is not minor, the building is not eligible.

  7. Are more than 15% of units 60 days late?

    If yes, the building fails Full Review.

  8. Does the budget put at least 10% into reserves?

    If yes, the reserve test passes. The line rises to 15% on January 4, 2027.

  9. Is there a reserve study from the last 3 years?

    If no, the reserve test fails.

  10. Does the budget pay the study's highest savings plan?

    If yes, the reserve test passes. A lower plan or baseline funding fails.

Freddie Mac is almost the same

  • Freddie Mac retired its Streamlined Review on the same date and uses the same 10% to 15% change (Bulletin 2026-C).
  • Its reserve study must be dated within 36 months.
  • Its study must also comment favorably on the building's age, remaining life, structural integrity and plans to replace major components (Guide 5701.5). That is an engineering judgment.

What the checker does not cover

  • Full Review also limits how many units one owner can hold, caps commercial space at 35%, and checks business income and more.
  • New and newly converted buildings have extra rules. For example, at least half the units must be sold to owners who live there or use them as second homes.
  • Some buildings qualify another way, such as a review by Fannie Mae itself or an existing FHA approval. Ask your lender.
  • The lender makes the final decision. Read our guide to Fannie Mae's 2026 condo rules for the full background.

Frequently asked questions

How do I know if my condo is approved by Fannie Mae?

Ask a lender to check the project in Fannie Mae's Condo Project Manager. Most buildings are not approved in advance. The lender reviews the building when a buyer applies for a loan. This checker walks through the same rules so a board can spot a problem before a buyer does.

What does warrantable condo mean?

A warrantable condo is a unit in a building that meets Fannie Mae or Freddie Mac project rules. A lender can sell that loan to them, so conventional financing is easy to get. A non-warrantable condo fails at least one rule, so buyers need cash or a specialty loan.

What changed for condo approvals in 2026?

Since August 3, 2026, Limited Review is gone, so lenders check the budget and reserves of almost every building. A reserve study only counts if the budget pays its highest savings plan. From January 4, 2027, the reserve minimum rises from 10% to 15% of the budget.

Does passing this checker mean a buyer will get a loan?

No. The checker covers the rules that trip up most buildings. Full Review also checks who owns the units, commercial space, business income and more. The lender makes the final decision.

Sources: Fannie Mae Lender Letter LL-2026-03; Fannie Mae Selling Guide B4-2.2-01, B4-2.1-03 and B4-2.3-02; Fannie Mae Project Standards FAQ (August 2026); Freddie Mac Bulletin 2026-C; Freddie Mac Guide 5701.5. This is general information, not legal or lending advice.

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